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Black Diamond Therapeutics, Inc. (BDTX) stock

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NASDAQ: BDTX Nasdaq Biotechnology Next results ~November 5, 2026

B Fundamentals grade

Black Diamond Therapeutics, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

Not valued: the figures our models need are missing or failed our data-quality checks.

Price vs value

No model value: cash-flow, stock-pay or share-count figures missing or out of date. How we value companies.

Black Diamond Therapeutics, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds60 adding, 54 cuttingOf 29 active managers that changed their stake, 12 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Black Diamond Therapeutics files

Where Black Diamond Therapeutics stands after its latest 10-Q

Black Diamond Therapeutics has little or no product revenue yet; it used $33m of cash in the twelve months to June 2026. That puts it 118 of 122 for growth among the biotechnology companies we cover. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 2 financial-health checks.

Our models give no value for Black Diamond Therapeutics at present, so past values are not shown.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Black Diamond Therapeutics, Inc.'s trailing-twelve-month revenue fell 100.0% year on year, with a free-cash-flow margin of 42.3%. Where it stands out: free-cash-flow margin of 42.3% ranks 10 of 176 biotechnology companies we cover. Where it lags: revenue growth of -100.0% ranks 167 of 172 biotechnology companies we cover.

Current signal Results well ahead of expectations: Reported earnings per share beat the analysts' consensus estimate by 15% in the quarter to 2026-06-30, the 4th beat in the last four quarters.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 42.3% of revenue turned into free cash flow, against a median of -145.4% for biotechnology companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Revenue shrinking. Revenue fell 100.0% over the last 12 months.
  • Volatile shares. Over the past year the shares showed annualised volatility of 82% and a beta of 1.7 against the S&P 500.
  • Heavily shorted. 12.5% of the shares available to trade are sold short (7.6 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
-$0.17 against an average estimate of -$0.20: beat by 15.0%
Share reaction
+7.9% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Next report
November 5, 2026; average EPS estimate -$0.06

Black Diamond Therapeutics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.3%
  • 1 week+8.8%
  • 1 month-2.7%
  • This year-24.3%
  • 1 year-52.5%
  • 5 years-77.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$0
Operating margin
17.9%
Net margin
32.0%
EPS (TTM, diluted)
$-0.74

Growth

Revenue growth
−100.0%
Change in growth rate
+0.0 pts
Share count change
+1.2%

Cash

Free cash flow (TTM)
-$32.8M
FCF margin
42.3%
Stock pay % of revenue
9.5%

Earnings

Last results
August 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Black Diamond Therapeutics, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: cash-flow, stock-pay or share-count figures missing or out of date.

Valuation models

We value Black Diamond Therapeutics, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.39 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. — Does not apply: no positive revenue in the latest twelve months
Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. — No model applies: the filings don’t yet support a value.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Black Diamond Therapeutics, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 202020242025Now
Share price$32.05$2.14$2.43$1.84
Market value$1.1bn$118m$140m$106m
+ Net debt (− = net cash)−$35m−$36m−$21m−$19m
Enterprise value$1.0bn$81m$119m$87m
Multiples
Price / sales ——2.0x—
Price / earnings ——6.3x—
Price / free cash flow ——4.7x—
EV / EBITDA ——9.3x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $6m and EPS of −$0.06 (range −$0.24 to $0.62) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.57 −210% $6m −91%
Next −$1.00 −77% — −100%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −10.1% on 90 days ago. In the last 30 days, 1 analyst raised Black Diamond Therapeutics, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Black Diamond Therapeutics, Inc., last 90 days
−$1.50 −$1.00 −$0.50 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.63 Current fiscal year, 60 days ago: −$0.63 Current fiscal year, 30 days ago: −$0.63 Current fiscal year, 7 days ago: −$0.63 Current fiscal year, Now: −$0.57 −$0.57 Next fiscal year, 90 days ago: −$1.09 Next fiscal year, 60 days ago: −$1.16 Next fiscal year, 30 days ago: −$1.16 Next fiscal year, 7 days ago: −$1.16 Next fiscal year, Now: −$1.00 −$1.00

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.63−$1.09
60 days ago −$0.63−$1.16
30 days ago −$0.63−$1.16
7 days ago −$0.63−$1.16
Now −$0.57−$1.00

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.20 −$0.17 +15.0%
Mar 2026 −$0.21 −$0.16 +25.2%
Dec 2025 −$0.17 −$0.14 +19.9%
Sept 2025 −$0.23 −$0.15 +34.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026

No numeric guidance in Black Diamond Therapeutics, Inc.'s latest earnings release (filed August 5, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

8 analysts, Oct 2026
Buy788%
Hold113%
Sell00%

Monthly trend

  1. Oct 20262518
  2. Sep 20262518

Counts of recommendations published by analysts covering Black Diamond Therapeutics, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
12.5%
of tradable shares
Days to cover
7.62
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
73%
of shares
Held by insiders
0.7%
of shares
Employees
21
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
BDTX−83%−66%+56%−24%+14%−24%
Industry peers (median)−35%−56%−18%−29%−5%−27%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
BDTX25%25%50%42%67%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
BDTX−85%−77%−71%−71%−54%−55%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since January 31, 2020: 97% from June 22, 2020 to April 8, 2025. Getting back needed a 3484% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.61 – $4.87
From 52-week high
−62.3%
vs 50-day average
−5.3%
vs 200-day average
−16.0%
Volatility (1 year)
82%
Beta vs S&P 500
1.74

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±9.3%
After a week
9 up, 3 down
typical move ±12.7%
After a month
6 up, 6 down
typical move ±26.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 +7.9% −0.4% +18.0% +18.0%
May 7, 2026 +6.0% +0.5% +1.4% −34.4%
March 16, 2026 +5.2% +1.3% +1.4% +35.4%
December 3, 2025 −21.4% +0.4% −22.6% −25.5%
November 6, 2025 +0.5% −1.0% +16.0% −28.9%
August 7, 2025 −10.8% +0.7% +3.7% +13.4%
May 12, 2025 +17.7% +4.0% +28.7% +44.5%
March 6, 2025 +1.1% −1.2% −11.3% −24.7%
November 5, 2024 +10.0% +3.7% +8.4% −21.4%
August 6, 2024 −14.0% +0.2% +1.1% +5.3%
May 9, 2024 −12.0% +0.7% −24.5% −26.4%
March 12, 2024 +4.8% +0.9% +15.7% +39.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Black Diamond Therapeutics, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Black Diamond Therapeutics, Inc.
$0 $20M $40M $60M $80M FY19 Q4 FY20 Q3 FY25 Q1 FY26 Q2 Revenue (TTM), FY19 Q4: $0 Revenue (TTM), FY20 Q1: $0 Revenue (TTM), FY20 Q2: $0 Revenue (TTM), FY20 Q3: $0 Revenue (TTM), FY20 Q4: $0 Revenue (TTM), FY24 Q4: $0 Revenue (TTM), FY25 Q1: $70M Revenue (TTM), FY25 Q2: $70M Revenue (TTM), FY25 Q3: $70M Revenue (TTM), FY25 Q4: $70M Revenue (TTM), FY26 Q1: $0 Revenue (TTM), FY26 Q2: $0 $0

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY19 Q4 $0
FY20 Q1 $0
FY20 Q2 $0
FY20 Q3 $0
FY20 Q4 $0
FY24 Q4 $0
FY25 Q1 $70M
FY25 Q2 $70M
FY25 Q3 $70M
FY25 Q4 $70M
FY26 Q1 $0
FY26 Q2 $0
Operating margin (TTM) Black Diamond Therapeutics, Inc.
-10% 0% 10% 20% FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 Operating margin (TTM), FY25 Q1: -5.7% Operating margin (TTM), FY25 Q2: 6.7% Operating margin (TTM), FY25 Q3: 16.9% Operating margin (TTM), FY25 Q4: 17.9% 17.9%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY25 Q1 -5.7%
FY25 Q2 6.7%
FY25 Q3 16.9%
FY25 Q4 17.9%
FCF margin (TTM) Black Diamond Therapeutics, Inc.
10% 20% 30% 40% 50% FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FCF margin (TTM), FY25 Q1: 17.6% FCF margin (TTM), FY25 Q2: 25.5% FCF margin (TTM), FY25 Q3: 30.5% FCF margin (TTM), FY25 Q4: 42.3% 42.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY25 Q1 17.6%
FY25 Q2 25.5%
FY25 Q3 30.5%
FY25 Q4 42.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Black Diamond Therapeutics took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $70M
  2. Other income $9.8M · 14.1%
  3. Research and development $33.6M · 47.9%
  4. Selling, general and admin $16.6M · 23.7%
  5. Other operating costs $7.3M · 10.5%
  6. Operating income $12.5M · 17.9%
  7. Net income $22.4M · 32.0%

Shares of revenue. Source: Black Diamond Therapeutics's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0 0 0 0 70 0
EBITDA −9 −29 −70 −78 13 −52
Operating income −9 −29 −70 −79 13 −52
Net income −9 −35 −67 −70 22 −43
Diluted EPS −$0.29 −$1.13 −$2.05 −$1.27 $0.39 −$0.74
Growth (year on year)
Revenue — — — — — −100.0%
EBITDA — — — — — <−999%
Operating income — — — — — <−999%
Net income — — — — — −394.7%
Diluted EPS — — — — — −391.2%
Margins
EBITDA margin — — — — 18.4% —
Operating margin — — — — 17.9% —
Net margin — — — — 32.0% —
Free-cash-flow margin — — — — 42.3% —
Cash flow
Cash from operations −8 −25 −52 −62 30 −33
Capital spending 0 0 0 0 0 0
Free cash flow −9 −25 −52 −62 30 −33
Stock-based pay 0 4 8 11 7 6
Free cash flow after stock pay −9 −28 −60 −73 23 −39
Balance sheet
Cash 52 155 35 36 21 19
Total debt 0 0 0 0 0 0
Net debt (negative = net cash) −52 −155 −35 −36 −21 −19
Diluted shares 30m 31m 33m 55m 58m 58m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $125m
Short-term assets $115mLonger-term assets $10m
What it owes, and who funded it · $125m
Short-term liabilities $16mLonger-term liabilities $13mShareholders' equity $96m
  • Short-term assets cover short-term liabilities $115m of assets due within a year against $16m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $115m short-term assets against $13m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Black Diamond Therapeutics, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+1.2%
year over year
R&D spending
47.9%
of revenue

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth -100.0% 12.6% 167 of 172
Change in growth rate Growth +0.0pp -0.1pp 83 of 172
Operating margin Profitability 17.9% -189.4% 23 of 175
Net margin Profitability 32.0% -157.3% 16 of 180
Free-cash-flow margin Cash generation 42.3% -145.4% 10 of 176
Stock pay as % of revenue Cash generation 9.5% 19.2% 60 of 179
Change in share count Balance sheet 1.2% 7.9% 40 of 156

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$64.9M
Institutions reporting
95
Shares held vs prior quarter
▼ 9.0%
Positions opened / closed
25 / 31

Top buyers and sellers, Q2 2026: 60 institutions bought and 54 sold ; the biggest buyer was Blackrock, Inc (+2.8M shares) and the biggest seller T. Rowe Price Investment Management, Inc (−6.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Nea Management Company, LLC $8.2M 4.4M 12.7% 0.0%
T. Rowe Price Investment Management, Inc. $7.5M 4.0M 11.5% ▼ 61.9%
Blackrock, Inc. $7.2M 3.9M 11.2% ▲ 253.9%
Acadian Asset Management LLC $4.3M 2.3M 6.7% 0.0%
Vanguard Capital Management LLC $3.9M 2.1M 6.1% ▲ 14.9%
Renaissance Technologies LLC $3.6M 2.0M 5.6% ▲ 19.4%
Defilade Capital Management, L.P. $3.1M 1.7M 4.8% New
Dimensional Fund Advisors LP $2.5M 1.4M 3.9% ▲ 4.9%
Geode Capital Management, LLC $2.3M 1.2M 3.5% ▲ 127.0%
Connor, Clark & Lunn Investment Management Ltd. $2M 1.1M 3.1% ▲ 3.3%
Awm Investment Company, Inc. $1.9M 1.0M 2.9% ▲ 90.5%
Marshall Wace, LLP $1.7M 897K 2.6% ▲ 7.2%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Black Diamond Therapeutics, Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 2, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 7, 2026
  • March 16, 2026
  • December 3, 2025
  • November 6, 2025
  • August 7, 2025

Recent SEC filings

Data status

When each part of this page on Black Diamond Therapeutics, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Black Diamond Therapeutics, Inc. in brief

What does Black Diamond Therapeutics, Inc. do?
Black Diamond Therapeutics, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Black Diamond Therapeutics, Inc.'s stock ticker?
Black Diamond Therapeutics, Inc. trades under the ticker BDTX on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Black Diamond Therapeutics, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Black Diamond Therapeutics, Inc. reported revenue of $0, 100.0% lower than a year earlier, according to its SEC filings.
What is Black Diamond Therapeutics, Inc.'s free cash flow?
Black Diamond Therapeutics, Inc.'s free-cash-flow margin is 42.3% of revenue over the trailing twelve months, ranking 10 of the 176 biotechnology companies we cover.
Who are Black Diamond Therapeutics, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Nea Management Company, LLC, T. Rowe Price Investment Management, Inc. and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Black Diamond Therapeutics, Inc.'s market cap?
On November 2, 2026, Black Diamond Therapeutics, Inc.'s market capitalisation was about $106M and net debt of -$19.2M. Market figures come from third-party market data and may be delayed.
When is Black Diamond Therapeutics, Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Black Diamond Therapeutics, Inc. announces its own schedule.